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In this Assignment, you will demonstrate your understanding of the Production Possibility model, marginal opportunity costs, and the differences in marginal opportunity costs. Additionally, you will demonstrate a clear understanding of the crucial concept of supply and demand, and the impact on the original group caused by a change in demand.
In this Assignment, you will be assessed on the following outcome:
BU224-1: Examine how various supply and demand scenarios affect the way prices and quantities are set by market interactions in perfectly competitive markets.
Please fill out the attached Unit 3 Assignment Template.